I know if you are in the mortgage business and clicked this link you’re wondering how you’re affected by the changes to the 2018 1040 form, not to worry, we have your back. We have done the work at UberWriter to make sure our training and products are up to date, and that you can use these tools to calculate your borrower’s income with complete confidence.
First let’s take the pressure and tell you…
“These changes do NOT affect how we currently calculate income, they only affect WHERE we find that income”
So all of your training on how to add up and subtract the correct lines to determine a Schedule C income amount are the same. These schedule look the same as they have for decades … Schedule C, E, F, 1065, 1120S, and 1120.
The changes you will see are where you find these incomes. Here are a few examples
- Social Security Income moved from line 20a & 20B now on lines 5a & 5B
- Dividend Income moved from line 9A & 9B now on lines 3a & 3B
- Schedule C moved from 1040 Line 12, to 1040 Schedule 1 line 12
I know what you’re thinking, with all the chatter online in the mortgage world this is kind of a let down right! It reminds me of when the weather guy says there will be 8-12 inches of snow, and you make all these plans…then you get 2” of snow. GRRRR really weatherperson how do you hype up this storm!!
Just to make sure we have all the basis covered we did update our “1040 Road Map Video” and showing you the new changes to find and review income for each income found on the 1040, that you can find here 1040 Income Roadmap.